Is that over and above the billions they've deferred since 2001?
Re: Hydro defers $5.5 Billion
Posted: Feb 6th, 2019, 1:55 pm
by alanjh595
So now, it's okay for John to do the same thing that Christy did?
A double standard at it's finest.
Re: Hydro defers $5.5 Billion
Posted: Feb 6th, 2019, 3:40 pm
by Cactusflower
^^The topic is 'BC Hydro'. You know, the crown corporation that's building a white elephant that's so over budget already not even our great-grandchildren will see the day it's paid off. What's worse, the geotechnical 'difficulties' continue to escalate, putting the thing so far behind schedule that their proposed completion date (if it ever gets completed) is so far into the future that many alternative clean energy projects could have been completed in far less time for far fewer tax dollars.
So much for the Soclibs' 1950s mentality. Horgan should have put a stop to that thing when he had the chance. We wouldn't be letting Hydro 'borrow' another $5.5 billion from us. Our descendants will never forgive us for letting this happen.
Re: Hydro defers $5.5 Billion
Posted: Feb 6th, 2019, 3:45 pm
by KevinJP
I can't believe the Auditor General would let this or any other government get away with this. A loss is a loss and it shouldn't be pushed into the future. How does BC Hydro know they will get the money back in the future???
Re: Hydro defers $5.5 Billion
Posted: Feb 6th, 2019, 3:46 pm
by KevinJP
alanjh595 wrote:So now, it's okay for John to do the same thing that Christy did?
A double standard at it's finest.
Yes, politicians are real good at this.
Re: Hydro defers $5.5 Billion
Posted: Feb 6th, 2019, 4:06 pm
by Cactusflower
KevinJP wrote:I can't believe the Auditor General would let this or any other government get away with this. A loss is a loss and it shouldn't be pushed into the future. How does BC Hydro know they will get the money back in the future???
As long as there are British Columbians who rely on BC Hydro for heating their homes, lighting their lights, and making sure their electrical appliances work, Hydro will get their money back. There are alternatives to BC Hydro, but most people don't seem to be interested in getting that BC Hydro monkey off their backs.
Re: Hydro defers $5.5 Billion
Posted: Feb 6th, 2019, 4:21 pm
by GordonH
If memory serves me well, at each of their development & building times (era): Bennett dam was a white elephant 1968 Mica dam was a white elephant 1976 Revelstoke dam was white elephant 1984
What are these 3 dams today ?
Re: Hydro defers $5.5 Billion
Posted: Feb 6th, 2019, 5:01 pm
by GEW
The only reason BC Hydro is a white elephant, is because every government, union and private contractor involved with it, see it as a bottomless pit of money. The business model and the power system itself, is a very sustainable one. Sadly I dont see it changing anytime soon though.
Re: Hydro defers $5.5 Billion
Posted: Feb 6th, 2019, 7:01 pm
by flamingfingers
Hint: Gordo's IPP ruling forcing BC Hydro to buy IPP power regardless of their ability to provide that power:
BC Hydro to Reduce Rates Paid to Private Power Producers Budget reveals plan to cut costs in new contracts with IPPs.
By Andrew MacLeod 13 Sep 2017 | TheTyee.ca
Buried in the British Columbia budget update this week was a major change for independent power producers who sell electricity to BC Hydro.
According to the utility’s service plan, it will cut payments to the private power producers as existing contracts expire.
BC Hydro will be “renewing contracts with independent power producers at prices less than what they are currently paid, recognizing that those producers have typically recovered most of their capital costs over their original contract terms.”
The Standing Offer Program, which has suspended new applications according to an Aug. 18 update on BC Hydro’s website, paid between $102.06 and $111.56 per megawatt-hour in 2016. Some of the earlier contracts paid as much as $120 per megawatt-hour, which is significantly more than BC Hydro’s normal cost to produce power, Black said.
According to a BC Hydro spokesperson, power produced using the utility’s heritage assets costs around $32 per megawatt-hour, while the average cost of energy from independent producers is around $100 per megawatt-hour. BC Hydro’s basic residential rate is $85.80 per megawatt-hour, meaning it’s losing money on the power it buys from IPPs.
And more:
B.C. racks up $58 billion in independent power producers contracts Auditor general flags BC Hydro’s contentious IPP program as province’s single largest contractual obligation By Dawson Creek Mirror, Jonny Wakefield | March 17, 2017, 6:00am
Independent power producers and supporters in government say the industry provides economic benefits to rural and First Nations communities while diversifying B.C.’s electricity grid. Critics counter that B.C. is locked in to paying a high price for power | file photo
British Columbia will pay $58 billion to buy electricity from wind, run-of-river and other renewable power projects over the next 55 years, an eye-popping amount that has the province’s two major parties sparring over the role of the independent power industry in B.C.’s energy policy.
According to a review of the public accounts released late last month by Auditor General Carol Bellringer, BC Hydro’s deals with independent power producers (IPPs) are the province’s single largest contractual obligation—making up more than half of the $102 billion the province has promised to pay for goods and services.
flamingfingers wrote:Hint: Gordo's IPP ruling forcing BC Hydro to buy IPP power regardless of their ability to provide that power:
This would be a drop in the bucket compared to what would have to be paid if Hydro were to be sucked into windy solar to any great extent. I'd still like to hear what BC hydro or Fortis are paying for Penask windy.
Regardless, happy to see the rates getting in line with what should be offered. These new rates ( 3.5-perhaps 5 cents KWH) are what hydro should offer any windy solar wanna-be producers.
Just when BC Hydro thought British Columbians had become complacent, here comes another response to a FOI request. Better late than never, I guess. But why are we putting up with all this? It is OUR company; they work for us. We should fire the whole bunch and start over. Same with ICBC.
Re: Hydro defers $5.5 Billion
Posted: Feb 7th, 2019, 10:13 pm
by Drip_Torch
alanjh595 wrote:So now, it's okay for John to do the same thing that Christy did?
A double standard at it's finest.
No, not even close.
Here's a video from the BC Auditor General that explains the problem, where it came from and the moves the current government is making to correct the problem.
5.5 billion here, 1.1 billion there... you know, I'm not good with numbers, but even I know after a while these things add up to some real money.